the victoria rennie advance | August 2024

the victoria rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN GREATER VICTORIA

published August 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in Greater Victoria. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of August 1, 2024. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • Therewere610 M LS salesin G reaterVictoriain July,a5% declinem onth-over-m onth thatwas les than thetypicalJune-to-Julydeclineof11%.Thism arked thebusiestJulysince2021. • D espitethedecline,saleswerestil 8% higherthan July2023’sunusualylow total.O veral last m onth wasthethird slowestJulyin thelast11yearsafter2022(497sales)and 2023(565). • Salescam ein 17% below theprior10-yearJulyaverage(of734).D etached saleswerethefurthest below average(-25% to289),folowed bycondos(-5% to208)and townhom es(-2% to78).

GREATERVICTORIA THERENNIEADVANCE sales

JULY 2024

800

+ 6% vsJul2023

700

600

500

400

385 10 yr JulAvg

300

289

200

DETACHED sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

- 25% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

+ 10% vsJul2023

200

150

80 10 yr JulAvg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 2% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

+ 9% vsJul2023

100 150 200 250 300 350 400

220 10 yr JulAvg

208

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50

- 5% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2,2024.Aldatafrom theVictoriaRealEstateBoard& Ren ie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsof1,212 in Julydeclined in linewith theseasonaltrend,down 13% m onth-over-m onth versusthetypicalJune-to-Julydeclineof12%. • D espitethedecline,new listingsactivity rem ained quiteelevated in ahistoricalcontextat11% abovetheirprior10-yearJulyaverage(of1,089).N ew condo listingswerethefurthestabove average(+37% to415),folowed bynew townhom elistings(+7% to123)and new detached listings (+2% to609). • N ew listingswereup 14% on ayear-over-yearbasiswith new condolistingsup them ost(+42%) versus7% fortownhom esand 3% fordetached.

GREATERVICTORIA THERENNIEADVANCE new listings

JULY 2024

1,000

+ 3% vsJul2023

800

600

609

597 10 yr JulAvg

400

DETACHED new listings

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 2% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

+ 7% vsJul2023

250

200

150

115 10 yr JulAvg

100

123

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 7% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

600

+ 42% vsJul2023

500

400

415

300

302 10 yr JulAvg

200

CONDO new listings

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 37% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

highlights • ActiveM LS listingsdeclined slightlym onth-over-m onth,down 3% versusatypicalJune-to-July declineof0.6%.At2,698,inventoryrem ained elevated at27% aboveitsprior10-yearJuly average,led bycondos(+53% to828),folowed bytownhom es(+23% to242)and detached (+18% to1,451). • O n ayear-over-yearbasis,totalinventorywasup 42% with al hom etypesseeing aconsiderable increasefrom July2023:condosat+71%,townhom esat+38%,and detached hom esat+30%. • Them arketrem ained favourabletoselersin Junewith 4.5 m onthsofinventory(M O I),up from 4.3in June.Thecondoand townhom esegm entscontinued tofavourselerswith 4.1and 3.2 m onthsofinventory(M O I),respectively,whiledetached tipped into balancewith an M O Iof5.1.

GREATERVICTORIA THERENNIEADVANCE inventory

JULY 2024

2,500

+ 30% vsJul2023

2,000

1,500

1,451

1,230 10 yr JulAvg

1,000

DETACHED inventory

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 18% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

600

+ 38% vsJul2023

500

400

300

196 10 yr JulAvg

200

242

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 23% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

1,000

+ 71% vsJul2023

800

828

600

540 10 yr JulAvg

400

CONDO inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 53% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

highlights • Them edian sold pricein G reaterV ictoriadecreased by 0.7% (averaged acros hom etypes) between Juneand July.Them edian sold pricefordetached hom es andcondosweredown m onth-over-m onth by 3% (to$1.17 m ilion)and 5% (to$525k)respectively,whiletownhom e m edian priceswereup 5% (to$790k). • Com pared to lastyear,m edian sold pricesweredown by2% (averaged acros hom etypes)with condosseeing thebiggestdeclineat5% and m edian detached pricesfaling 2%.In contrast, townhom em edian priceswereup 0.6%. •

GREATERVICTORIA THERENNIEADVANCE median prices

JULY 2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,165,000

$1,000,000

$800,000

$600,000

- 2.1% vsJul2023

DETACHED median salesprice

$400,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0 $200,000

● July

$1,000,000

G reaterV ictoria

$800,000

$790,000

$600,000

+ 0.6% vsJul2023

$400,000

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● July

$600,000

G reaterV ictoria

$500,000

$525,000

$400,000

$300,000

- 5.4% vsJul2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● July

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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